Hauff bought the property out of foreclosure for $9 million and started all over again. This time, he got Gibraltar Mortgage Corp. of Calgary to lend him millions of dollars at up to 24 per cent per annum to buy the property and fund development. Like Multimetro, Gibraltar raised the money from many small investors, promising them high returns on a supposedly fully secured basis.
Alas, under Hauff's stewardship, the project once again stalled. In February 2007, Gibraltar called its loans and David Bowra was appointed receiver.
